Forex Signals April 24: Attention on Google, P&G and Pepsi Earnings Today

Markets are expected to experience significant volatility midweek, as Google, Pepsi, Procter & Gamble Q1 earnings get published.

Skerdian Meta•Thursday, April 24, 2025•3 min read

Quick overview

Markets are bracing for volatility as major companies like Google and Pepsi prepare to release their Q1 earnings.
The US dollar has rallied amid optimism regarding potential tariff easing by former President Trump, leading to a rebound in other currencies.
US Treasury yields experienced significant fluctuations, dropping to a 10-day low before rebounding sharply, reflecting ongoing uncertainty in monetary policy.
Crude oil prices fell sharply due to concerns over OPEC+ production agreements, highlighting the fragility of current supply dynamics.

Markets are expected to experience significant volatility midweek, as Google, Pepsi, Procter & Gamble Q1 earnings get published.

US Dollar Rallies Amid Hopes for Tariff Easing

The US dollar climbed on Wednesday, buoyed by market optimism that former President Trump might ease back on proposed tariffs. While the greenback was initially bid higher during the Asian session—prompting broad-based selling in the euro, yen, and pound—those currencies rebounded modestly later in the day.

However, with the New York session open, a second wave of dollar buying emerged. USD/JPY, in particular, retested and broke earlier highs, underlining the ongoing bullish momentum in the dollar amid geopolitical speculation and shifting investor sentiment.

Bond Market Sees Wild Swings as Yields Rebound

US Treasury yields presented one of the day’s most dramatic moves. Yields dropped early to a 10-day low of 4.25%, reflecting safe-haven buying and risk aversion. But as the US session progressed, yields bounced back sharply to 4.40%, ending the day flat. The intraday reversal hints at ongoing uncertainty regarding monetary policy expectations and inflation outlooks.

Oil Prices Drop on Supply Tensions Despite Broad Market Gains

Crude oil prices faced a sharp downturn despite an otherwise risk-positive environment. A report highlighting Kazakhstan’s resistance to repaying excess production under OPEC+ quotas raised concerns about internal discord. However, Saudi Arabia appeared poised to maintain cohesion by increasing repatriation efforts.

Still, the market reaction was swift. Crude tumbled sharply, showcasing the fragility of current oil supply agreements and how even modest tensions can shake price stability.

Today’s Market Outlook: Markets Eye Trade Data and Corporate Earnings

Market participants are closely watching US-China trade developments, which remain speculative and heavily dependent on political rhetoric. While investors await further clarity, upcoming macroeconomic data—such as the German Ifo Business Climate (expected to soften) and US Durable Goods Orders (expected to rise)—could add further direction.

On the corporate front, a slew of heavyweight earnings reports from Alphabet (Google), Nestlé, PepsiCo, and Procter & Gamble are expected to inject volatility into equity markets and major US indices.

Last week, markets were chaotic, with gold soaring $250 in the final three days, the EUR/USD surging 5 cents, and stock markets opening down before turning upward. The moves were big, and the volatility was enormous, so we opened 40 trading signals in total, finishing the week with 25 winning signals and 15 losing ones.

Gold Surges, Then Retreats as Rate Cut Hopes and Diplomacy Shift

Gold continued to dominate headlines after a remarkable two-week rally that added nearly $500 to its price. Spot gold touched new highs, briefly surpassing $3,444 per ounce, driven by escalating global tensions and dovish comments from Fed Chair Jerome Powell.

Markets interpreted Powell’s remarks as signaling up to 90 basis points of rate cuts by year-end, potentially starting as early as June or July. However, as trade headlines turned more positive and risk appetite improved, gold pulled back sharply below $3,300. The correction underscored how sensitive gold remains to macro narratives and shifts in global diplomacy. Chart XAUUSD, H4, 2025.04.23 23:18 UTC, MetaQuotes Ltd., MetaTrader 5, Demo

XAU/USD – H4 Chart

Euro Reverses Gains After ECB Cut and Dollar Resurgence

The euro initially strengthened after the ECB’s rate cut, climbing to 1.1572 against the dollar. Markets interpreted the move as front-running Fed easing, putting downward pressure on the dollar. However, that momentum faded through the day.

Improved trade rhetoric and calmer market sentiment reignited demand for the greenback, pushing EUR/USD back below the 1.13 level. Traders are now debating whether the euro can hold above 1.10 in the near term as dollar strength re-emerges. Chart EURUSD, H4, 2025.04.23 23:17 UTC, MetaQuotes Ltd., MetaTrader 5, Demo

EUR/USD – H4 Chart

Cryptocurrency Update

Bitcoin Bounce Back on Renewed Risk Appetite

Bitcoin mirrored broader market fluctuations, briefly dipping below $75,000 and nearing its 50-week moving average before rebounding to $93,000. The rally was supported by renewed optimism following pro-growth remarks from Trump, which spilled over into the crypto space.

Bitcoin now faces resistance near its 20-week simple moving average, caught between macro uncertainties and a recovering risk appetite.

BTC/USD – Daily chart

XRP Stabilizes Above $2.20

Ripple’s XRP stood out for its relative resilience. The token held key support levels at $1.80, $2.00, and $2.20, thanks in part to its 200-day moving average. By midweek, XRP had reclaimed the $2.20 mark and began drawing renewed interest from investors, potentially leading a broader recovery in digital assets.
XRP/USD – Daily Chart

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Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.